EUR/JPY’s Key Support
Trading tone of the cross is neutral. The key support of 131.65 is in focus. Firm breach of 131.65 will suggest rejection from fibonacci level of 134.20, conclusion of a top pattern and a short term reversal. 55 day EMA is aligned. Following pivot points include: (S1) 132.36; (P) 132.59; (R1) 132.90.
Larger fall should head towards key support of 127.55. Sustained breach of 134.39/48 resistance zone will argue uptrend restoration. Short term prognosis is cautiously neutral.
A medium term growth from 109.03 has hit the 61.8% retracement of 149.76 to 109.03 at 134.20. Firm breach in that spot will head towards the key long term resistance zone of 141.04/149.76. Breach of 127.55 support will indicate medium term reversal. Prognosis will become bearish towards larger decline for support zone of 114.84/124.08.